Portfolio Manager's Journal
As of June 21, 2019

Midas Fund seeks primarily capital appreciation and protection against inflation and, secondarily, current income through investments primarily in precious metals mining and other natural resource companies as well as gold, silver, and platinum bullion. The Fund's holding of Saracen Mineral Holdings Limited, an intermediate gold mining company with two mines in Western Australia, has performed well in the last month. On the other hand, shares of Warrior Met Coal, Inc., a large scale, low cost U.S.-based producer and exporter of premium met coal operating two underground mines in Alabama, underperformed recently. The Fund is currently seeking to add to its portfolio companies in the natural resources and other sectors with promising exploration potential, expanding production profiles, strong and increasing cash flow, healthy balance sheets, and/or other special growth features. The Fund currently is invested in a global portfolio of primarily large and medium gold and diversified mining companies, precious metals royalty companies, and ETFs holding gold and silver bullion.

Midas Magic seeks capital appreciation. Relative to the S&P 500, the Fund's portfolio currently is more weighted in cyclical companies, such as financial services, and is underweight in economically sensitive and defensive industries. The Fund generally focuses on companies that appear to have strong operations showing superior returns on equity and assets while retaining reasonable valuations. Recently, the Fund's position in shares of Williams-Sonoma, Inc., a specialty retailer of high-quality products for the home, performed strongly. The Fund's holding of Broadcom Inc., a global technology company that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions, hindered the Fund's performance in the past month. Each of Mastercard Inc. Class A, Berkshire Hathaway, Inc. Class B, and Alphabet Inc. Class A currently comprise more than 10% of the Fund’s net assets.

Top Ten Security Holdings

Cautionary Note Regarding Forward Looking Statements

This release may contain certain “forward looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,”“will,” and similar expressions identify forward looking statements, which generally are not historical in nature. Forward looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from a Fund’s historical experience and its current expectations or projections indicated in any forward looking statements. These risks include, but are not limited to, equity securities risk, corporate bonds risk, credit risk, interest rate risk, leverage and borrowing risk, additional risks of certain securities in which a Fund invests, management risk, and other risks discussed in each Fund’s filings with the Securities and Exchange Commission. You should not place undue reliance on forwardlooking statements, which speak only as of the date they are made. Each Fund undertakes no obligation to update or revise any forward looking statements made herein. There is no assurance that each Fund’s investment objectives will be attained.